North Carolina Down Payment Support Programs

Online Payments - These systems will be the Mortgage Credit Certificate and the deposit Assistance System.

Also you purchase a property between January 1, 2009 and December 1, 2009 and if you meet the requirements for one of the programs, you may also be eligible for the $8,000 tax credit only enacted into law.

First, who's a First Time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house in the prior three years. This is the exact same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a national tax credit to assist home buyers with low and average incomes. An MCC “reduces your tax liability based on a portion of the mortgage interest that you pay.

It is possible to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes, if you are eligible for the MCC. You are able to save around .

You may find a way to join this, should you qualify for 2009. This would reduce a purchaser's tax liability .

Household income is defined as the “gross income of the mortgagor and any person anticipated to reside in the dwelling who is 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Cost Limits New House $220,000 Existing House $210,000

The buyer only has to pay and the load would pay around .

This plan has more rigorous income limitations than the MCC program summarized above. Like the MCC program, it can be utilized along with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment assistance, nevertheless, can't be utilized in combination together with the MCC. That is an either or scenario.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Men $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Assistance Sales Price Limits New House $210,000 Existing Residence $210,000